The Central Bank of Nigeria (CBN) has issued a release that Bank's Executives will no longer be permitted to hold positions for more than 24 years starting August 1, 2023.
This statement was issued to Executive Directors, Deputy Managing Directors (DMDs), and Managing Directors (MDs) of banks and bank holding companies which is considered as one of the top positions in all financial institutions in Nigeria.
Chibuzo Efobi, the apex bank's Director of Financial Policy and Regulation, signed the new regulation yesterday in Abuja.
The circular, with the reference number 'FPR/DIR/PUB/CIR/001/078,' said that it was issued in line with the authorities granted by the Central Bank of Nigeria (CBN) Act 2007 and the Banks and Other Financial Institutions Act 2020.
“The Central Bank of Nigeria (CBN), hereby issues the Corporate Governance Guidelines for Commercial, Merchant, Non-Interest, and Payment Services Banks in Nigeria; and the Corporate Governance Guidelines for Financial Holding Companies in Nigeria,” the circular stated in part.
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